Comment on Taxation for Traders - Introduction

Hi Nitin,

above blog u mentioned that – “If it is less than 2lks, you would not need to pay taxes,”

Does it mean my total profit of that year or total trading amount ?

2. Here you mentioned – “Yes as per section 44AD, if your turnover is less than 8% books have to be audited. ”
What does it mean of turnover is less than 8% ?

I wanted to know in layman language that in a year what is the limit of trading, profit, loss
to avoid paying income tax. I don’t want to be in any kind of trouble by receiving income tax notice.

Thanks..

View the full comment thread »